The very first point on Our Contract With You is “We will always act with integrity and in your best interests”. We live and breathe this statement in a myriad of ways at Metis Ireland, but one of the most tangible is the fact that we have a dedicated Head of Finance position.
In his own words, here’s how our Head of Finance, Paddy O’Halloran, helps to steer the ship.
How does it benefit our clients?
There are very few firms of our size who have the level of Financial Governance in place that we have at Metis Ireland. That creates some excellent benefits for our clients:
• Metis Ireland is set up for success in the long term. Our growth is sustainable with these practices in place – no matter how much we grow, our principles will never change. You’ll continue to receive the honest, experienced financial planning that you chose us for in the first place.
• Peace of mind for your assets under management. You can rest easy knowing that your wealth is in safe hands, with multiple levels of protection in place to ensure that it’s only ever dealt with honestly and transparently.
• Additional expertise. As well as the highly qualified financial planners and advisors in Metis Ireland, we also have two chartered accountants in the company who bring a wealth of valuable experience across various industry sectors.
Okay, but what is Financial Governance?
Financial Governance (Fin-Gov) is an essential aspect of any business. Simply put, the concept of Fin-Gov relates to how a business manages its financial information.
When it’s effective, it’ll mean the following;
• Added company value
• Peace of mind for all stakeholders
• Good decision-making
• Increased sustainability
And to go to the extreme – it means that there’s no fraud in the business, we’re not evading tax, and we’re not a money-laundering vehicle!
Fin-Gov involves acting with integrity. As a keen golfer, I can link it to the “game of honour” too – you simply follow the rules.
By maintaining effective Financial Governance practices, we’re certainly giving our stakeholders (shareholders, clients, staff and service providers) peace of mind, we’re protecting our finances, maintaining transparency, ensuring the long-term sustainability of Metis Ireland; all of which adds real value.
As Head of Finance at Metis Ireland, it’s a central part of my role. Let’s take a look at some of the key components of Fin-Gov and how it applies to my work in Metis Ireland:
Each month, the board of directors receives the detailed monthly financial report for the company. I also provide commentary on performance versus budget and prior periods, which allows the board to make informed decisions as a result of timely and accurate information.
Effective Controls and Procedures
Key to any business, effective controls just need to be documented and in place for certain areas of the business.
The example I’ll use here is the Accounts Payable function – where any payments (including salaries!) are checked by a second person and the payments are then authorised by a third person.
This may sound extreme and overkill, but it works like clockwork for us as we’ve got the procedures in place and there is clarity and consistency on how this is done.
Or, firefighting as I like to refer to it! This involves identifying and mitigating financial risks that could impact on our performance or reputation long before they happen.
Financial risks can come from a variety of sources, such as market volatility, credit risk, fraud, or operational errors. We have effective risk management strategies in place, and this protects ourselves from financial losses and helps maintain stability.
First, my job is made much easier in this area as thankfully we have a Head of Compliance at Metis Ireland who deals with our AML and regulator (Central Bank of Ireland) obligations.
From my side, I ensure that we adhere to tax and revenue laws, financial reporting obligations and Company Law regulations.
Head of Finance
Metis Ireland Financial Planning Ltd t/a Metis Ireland is regulated by the Central Bank of Ireland.
All content provided in these blog posts is intended for information purposes only and should not be interpreted as financial advice. You should always engage the services of a fully qualified financial adviser before entering any financial contract. Metis Ireland Financial Planning Ltd t/a Metis Ireland will not be held responsible for any actions taken as a result of reading these blog posts.